Shares of HDFC Bank rose over 1% despite the muted market sentiment on Friday after India's largest private lender announced it raised $1.75 billion through a twin bond sale to overseas investors, marking one of the largest debt capital market fundraises by an Indian financial institution.
Shares of the company rose to nearly Rs 733 apiece on NSE, the highest level seen by the stock in nine sessions. HDFC Bank raised $500 million from the sale of three-year bonds and $1.25 billion from the sale of five-year securities on Thursday. Both the bonds were priced at tighter spreads than the initial price guidance. This comes as the private lender continues to aggressively collect dollars to support its foreign currency non resident (bank) FCNR (B) deposits.
